If you haven’t heard of Kiva take the time to read this post. There has been some bad press about the microcredit loan system but this system is working and has been for a long time. I am proof that you too can invest in someone on the other side of the world, get your money back and choose to reinvest it into another person. These loans empower people out of poverty. It gives them a chance to stand on their own two feet and have pride in the work they are doing by feeding their families and put a roof over their heads.
Give 60 / Day 60
A few weeks ago I signed up with Kiva to give a microcredit loan to a person that needed a short term loan to either get them started on a business or improve on the one they already own. You can check out my last Kiva loan post by clicking here.
One of the advantages with Kiva is once your loan has started getting paid off, your account is credited and Kiva updates you on that credit, giving you the option to reinvest your money into another Kiva partner. Here is Kiva’s mission:
“Kiva’s mission is to connect people, through lending, for the sake of alleviating poverty.”
People are by nature generous, and will help others if given the opportunity to do so in a transparent, accountable way.
The poor are highly motivated and can be very successful when given an opportunity.
By connecting people we can create relationships beyond financial transactions, and build a global community expressing support and encouragement of one another..
I was given notice this week that $20 of my $125 loan had already been repaid. Full repayment is not due until February a date not set in stone. You need a minimum donation of $25 to make a loan. I was still a little short to reinvest but a great opportunity came to my attention this week. A site called Groupon is dedicated to providing remarkable deals to purchase online to people all over North America. They are able to make these unusually good value deals as everything is sold in bulk. I use the local Vancouver site for all kinds of deals from adventures to restaurant deals to personal care items and many other services.
This past week on the National Groupon site they had a special offer. A KIVA deal. For $15.00 I was able to purchase $25.00 KIVA loan to help someone else start up their own business. Between the $20 I had on my Kiva credit from my previous loan and the new one I just purchased on Groupon worth $25 I had $45.00 to loan.
The other component I really like about Kiva is I can go and choose exactly the person or group of people I would like to support. It gives me a personal relationship with the people I loan to. I can choose by gender, region and business sector. Off I went to choose the person / group I would help.
Today my loan of $45.00 is going to Corin in Cochabamba, Bolivia. Her life appealed to me as I could help a single mother keep and expand her growing business. I will look forward to hearing about Corin’s journey in the months to come.
Time Commitment: 10 minutes to choose the direction of my loan
Cost: $15 for a $45 loan a donation I will get back over the next few months to give again.